Carolina is a fork of the Saluki project. Saluki is a woof-build based on Racy 5.2 with Xfce. The suggested target hardware are computers less than 5 years old. It should run reasonably fast on older machines and netbooks, but Xfce does need a bit more ram and cpu than the standard ROX/Jwm puppy - probably at least 512MB of ram and 1GHz CPU for decent performance.
Carolina Beta was release October 5. Download from Carolina thread
Saluki - Carolina was forked from this derivative